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60% of Saudi families may own homes by 2020

Saudi Arabia, February 6, 2018

Some 60% of Saudi families may own homes by 2020 and 70% by 2030 as per the Eskan (Housing) program launched in Riyadh by 16 government directorates.

The program will provide affordable and suitable housing units, facilitate housing loans for citizens, update and improve housing policies and enhance the services offered in the housing sector to enable more citizens to own homes.

The program also promotes the cooperation of the private sector in the project to enable more citizens to own homes.

It will support non-profit organizations to help citizens who are in dire need of housing.

The Housing Ministry and the Real Estate Development Fund (REDF) recently launched the Sakani 2018 program, which includes a total of 300,000 housing and financing products provided across the Kingdom.

The products comprise 125,000 residential units offered in partnership with the private sector and 75,000 developed residential plots of land offered free-of-charge, in addition to 100,000 loans subsidized through REDF, banks, and financial institutions.

The first batch includes the sale of 6,681 off-plan residential units, 4,500 free-of-charge developed plots of land, and 8,300 subsidized mortgages. Phase one of the program saw the launch of housing units priced between SR250,000 and SR700,000.